Financial News: U.S. Consumer Prices Unexpectedly Unchanged In October

U.S. Consumer Prices Unexpectedly Unchanged In October

11/14/2023 - 08:38:00 (RTTNews)

(RTTNews) - With a sharp pullback in gasoline prices offsetting a continued increase in shelter prices, the Labor Department released a report on Tuesday showing U.S. consumer prices came in unchanged in the month of October.

The Labor Department said its consumer price index was unchanged in October after climbing by 0.4 percent in September. Economists had expected consumer prices to inch up by 0.1 percent.

Excluding food and energy prices, core consumer prices edged up by 0.2 percent in October after rising by 0.3 percent in September. Core prices were expected to rise by another 0.3 percent.

The report also said the annual rate of consumer price growth slowed to 3.2 percent in October from 3.7 percent in September. Economists had expected the pace of growth to decelerate to 3.3 percent.

Core consumer prices were up by 4.0 percent compared to the same month a year ago, reflecting the smallest year-over-year increase since September 2021.

The annual rate of core consumer price growth was expected to come in unchanged from 4.1 percent in the previous month.

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